Abstract: Pullulan, a kind of exopolysaccharides produced by Aureobasidium pullulans, has a number of favorable properties given by its special structure. Pullulan has been widely used in food industry, pharmacy, chemical engineering, petroleum and other industries. Pullulan's chemical modification, productivity and pigment were influenced by various factors in the fermentation process of Aureobasidium pullulans. This paper simply introduced the structure and properties of pullulan, and mainly overviewed current knowledge on optimization of fermentation conditions. At last, the research trend of pullulan's fermentation process was summed.